Boominess - I know what you're saying. But when someone is in CLOSE on a mic and makes it "boom" that IS the main signal content at that point, and it dwarfs the rest of the sound anyway. With this setup, it DOES turn it all down, but only for the fragment of a second when it booms, and the rest of the "tone" is still there, maybe a few dBs lower.

This is NOT to correct overall boominess that continues throughout a track - that's an EQ thing - anything CONSTANT is not fixed by a dynamic action.